UK threatens to shut down BitConnect - page 8.

MoneyBomber

jr. member

Activity: 105

Merit: 6

Quote from: carlo.p on November 13, 2017, 03:15:58 PM

isnt it obvious? bitconnect is pyramid ponzi scheme but still it has supporters who always keeps on inviting anyone with their ref links, crypto world should be free of scams such as bitconnect so please kindly stop it

What a lot of people fail to realize is that the pyramid scheme has been designed to reduce layers after several stages

First it was 10
then it was 7
Then 4

Same with the interest rate. First it was an average of 1%, now it's 0.9%

It's an adoption mechanism for crypto currencies.

The only people that get "scammed" are people who are so greedy, that they wait until the end of the reserve to cash out. But even then they still get 100% of the initial loaning-crypto they put in.

This is why wikileaks supports Bitconnect. because it's an incentive structure that gouges fiat currency.

carlo.p

member

Activity: 68

Merit: 10

isnt it obvious? bitconnect is pyramid ponzi scheme but still it has supporters who always keeps on inviting anyone with their ref links, crypto world should be free of scams such as bitconnect so please kindly stop it

MoneyBomber

jr. member

Activity: 105

Merit: 6

The UK is actually about to hold $600million worth of YOUR bitconnect hostage?

I don't think so
https://youtu.be/loqKVhJtAeg

Isn't it ironic? The idea is that "Ponzi schemes screw the people at the bottom and it takes all their money" But isn't that what the government will be doing if they actually shut it down?

The Bitconnect Token has value just like Bitcoin.

portstarboard

newbie

Activity: 12

Merit: 0

Based purely on the link you sent it is not clear whether the company is being shut down because it is suspected to be a Ponzi scheme. They haven't filed accounts or done a Companies House return in over 18 months and thats the likelier causation of the strike-off. Every strike-off is published in the London Gazette or whatever its called. What has probably happened is that Ken Fitzsimmons/appointed company agents have been ignoring letters sent out by Companies House in the UK asking them to file returns and accounts, which is a huge red flag as this is not how you'd expect a company to run its affairs.

Ken Fitzsimmons is the sole, 100%, share owner with 1 share issued and to him only.

Wingo

full member

Activity: 686

Merit: 107

It is a great time for me reading this post. I was starting to gain interest in bitconnect and I luckily red this one. It is just a good news that it will be stopped.

purenarcotic

newbie

Activity: 1

Merit: 18

Quote from: bitstomake on November 13, 2017, 11:19:30 AM

Quote from: MPulse on November 13, 2017, 11:05:11 AM

Quote from: onyebuchi81 on November 13, 2017, 10:59:14 AM

Not doubting ur information but please try to back it up with at least a link to the source of ur information.

Here you go: https://beta.companieshouse.gov.uk/company/10278342/filing-history

I think he means the source of the UK shutting it down... I HATE BitConnect by the way.

That link does have the shut down notice PDF in the filing history, dated 7th November.

amacar2

legendary

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Quote from: MPulse on November 13, 2017, 10:11:16 AM

For those of you that are still participating in BitConnect you should get out now while you still can.

I have seen this coming from last few months actually whole bitconnect lending is just another ponzi scheme and all hype created over the coin pushed the price to several thousand folds within a year time.

I have never bought and will not buy bitconnect also there is another one coming up with the name ethconnect, don't get in another similar ponzi.

rezurect

sr. member

Activity: 686

Merit: 250

Finally, this is what everyone has been saying or thinking all along. Well.. not everyone..unfortunately.

MPulse

newbie

Activity: 16

Merit: 0

BitConnect was incorporated in the UK in July 2016. Just because it's a UK based company it doesn't mean that they actually run any of their servers there. It's very likely that the entire BitConnect system is running offshore and if UK were to shut them down it will likely be very difficult to seize any of their assets.

For all we know Ken Fitzsimmons could be a fake person.

This is just hopefully another warning to those people who are falling for this scam. How could anyone believe that if you invest $1000 and the company gives you 1% interest compounded daily would make your investment worth $50 million+ in 3 years. Do you honestly believe that is sustainable?

Glory90

full member

Activity: 392

Merit: 101

The Bitconnect company deserves to be closed because this ponzi scheme will be dangerous for newcomer in cryptocurrency, my advice to investors sell your BCC or you lose money when this scheme ends

sylance

full member

Activity: 392

Merit: 102

I wonder what assets the UK could seize? It's not like they can take their Bitconnect, Bitcoin, or other crypto they may have. I guess if there's office buildings and equipment then it makes sense, but what confuses me about all this is that we didn't know who was behind Bitconnect. One of the criticisms of Bitconnect is that no one knows who's behind it but now suddenly the UK has the power to shut them down? Something doesn't doesn't add up here.

bitstomake

member

Activity: 111

Merit: 10

Quote from: MPulse on November 13, 2017, 11:05:11 AM

Quote from: onyebuchi81 on November 13, 2017, 10:59:14 AM

Not doubting ur information but please try to back it up with at least a link to the source of ur information.

Here you go: https://beta.companieshouse.gov.uk/company/10278342/filing-history

I think he means the source of the UK shutting it down... I HATE BitConnect by the way.

MPulse

newbie

Activity: 16

Merit: 0

Quote from: onyebuchi81 on November 13, 2017, 10:59:14 AM

Not doubting ur information but please try to back it up with at least a link to the source of ur information.

Here you go: https://beta.companieshouse.gov.uk/company/10278342/filing-history

onyebuchi81

full member

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Not doubting ur information but please try to back it up with at least a link to the source of ur information.

JeffBrad12

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Quote from: MPulse on November 13, 2017, 10:11:16 AM

Looks like the ponzi scheme is getting exposed and coming to an end shortly. UK Registrar of Companies has threatened to shut down BitConnect and dissolve its operation. BitConnect has two months to prove “cause to the contrary” until the decision has been formally enforced. Should the company fail to comply with these terms, the government agency will strike off its registration and seize its assets.

BitConnect was registered by a British man going by the name of Ken Fitzsimmons, he holds 75 percent or more of the shares in the company.

For those of you that are still participating in BitConnect you should get out now while you still can.

I will be supporting the UK's decision to shut down the biggest ponzi scheme with thousands of manipulation. You can see it in there https://coinmarketcap.com/currencies/bitconnect/#markets
Those bitconnect ponzi supporters will get seized by UK.

But it's pretty odd to see the price already increased almost 10% at this time.

I hope that will be shut down asap. That just like a plague to the cryptocurrency. But how so many people are still using it.

No more ponzi scheme to make crypto clean.

Phalo

full member

Activity: 224

Merit: 100

That would be the best thing ever. I am probably going to get a lot of hate from bitconnet fans for this. But this pomsI needs to be contained before it spoils everything for everyone. I hope people wake up. Im just glad I never fell into their trap. I hope investors get out while you can but unfortunately when it all scrambles, a whole lot of people will get banned.

MPulse

newbie

Activity: 16

Merit: 0

Looks like the ponzi scheme is getting exposed and coming to an end shortly. UK Registrar of Companies has threatened to shut down BitConnect and dissolve its operation. BitConnect has two months to prove “cause to the contrary” until the decision has been formally enforced. Should the company fail to comply with these terms, the government agency will strike off its registration and seize its assets.

BitConnect was registered by a British man going by the name of Ken Fitzsimmons, he holds 75 percent or more of the shares in the company.

For those of you that are still participating in BitConnect you should get out now while you still can.

Topic: UK threatens to shut down BitConnect - page 8. (Read 7373 times)